SETTLEMENT AGENT/TITLE COMPANY FEES
These fees are not collected by the lender.  They are actually performed by a separate company.  Richland Mortgage has established a working relationship with O'Conner Title, our service provider.  Because we close loans in Illinois and Indiana every week, it is important to us to work with a title company with a demonstrated ability to do the necessary title work and loan closings in a competent and timely manner.  O'Conner Title is both an industry leader and a company that we know we can work with to close your loan well within the interest rate lock period.   Because we order the title work for you, you don't have to spend time looking for a closing company or mediating between the lender and title company.  We coordinate everything for you!  Even within O'Conner Title, settlement agent and title company fees vary greatly by City, county, and State.  The fees paid to the Settlement/Title company often include the following Items as they vary by City, county, and State only rough estimates can be offered:

 Estimated Costs:
         
         Title insurance ............ $2.50 per $1000.00 borrowed
         
         Survey ..................... Between $100-$200
         
         Attorney/closing fee ....... $250-$500
         
         Pest inspection ............ $15 to $35
         
         Transfer Tax ............... Varies
         
         Recording Fees ............. Varies
         
         Title Search ............... $150 to $350

Special Note: Borrowers who desire to maintain their own escrow accounts can do so by adding .25 pts to the discount points price or 1/8% to their interest rate with no additional charge.

Prepaid Items
Borrowers are required to prepay the following and put taxes and insurance in escrow.  These fees are usually industry standard practices and do not vary greatly between lender.